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Starting a Sipp, but in a few years buy commercial property back from myself
Hi, new here looking for some help regarding starting a SIPP. I have never had a pension always invested in property. Feel lost in how to get started. Me and my wife currently run a ltd company business as our main income. We own the commercial premises outright, our ltd company pays us rent. Also have a few buy to lets…
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LTA maxed out, what to do with remaining uncrystallised funds ?
Hi, I have several pensions and have used all my LTA in releasing TF cash and taking a regular drawdown from my Pru retirement account, however I still have £80+k uncrystallised sitting in a separate Pru account. I don't particularly need it right now but are there any options other than either leaving it there…
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Is my State Pension forecast higher than it should be?
I am due to start receiving my state pension in July this year when I will be 66. My SP summary on the governement website says my forecast is £246.02 a week, £1,069.75 a month, £12,836.97 a year. I understand that the full SP rate for year 25/26 will be £230.25 per week. So why would my forecast be predicting more? I was…
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Help needed please
I am trying to track down all of my pensions. i am 80 years old, and have really tried hard to get the information, but keep hitting a brick wall. I have had about 9 different pension employments over the years, and about the same number of addresses. As a result, the years I worked are very confusing and long winded. I…
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National Insurance - 2 year gap?
Hi guys, My wife has a 2 year gap in her National Insurance contributions that we are seeking to fill. The period in question was when we lived in Italy and she did not fully contribute either year. Whilst in Italy she did not work as she was raising our children. The years in question were 2017 - 2018 and 2018 - 2019. I…
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help with pension contributions - be gentle
only looking for some help - please be gentle as I am pretty clueless about these things I having been piling money into my pension for the last few years including big bonuses and I THINK I'm still within my allowance but not sure - see below - this includes employer contributions and tax relief * 2024 - 2025 - £74,280 *…
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Five Years On From COVID - Pension Review
Hi All, It's just coming up to five years since our first UK lockdown, together with the plummeting share prices at that time - just wondering what everyone's take on it is with respect to their retirement planning/portfolio allocation:- * Were any sufficiently aware to see the signs of it coming, and take any precautions…
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Scottish Widows AMC’s - too high or not?
I’m trying to sort out my daughter’s Scottish Widows pension and switched out of the default fund as she’s 24 and has the time to go with a higher risk fund. I’ve chosen the SW SSgA International Equity Index and see the charges listed as 1.004% (1% AMC and 0.004% additional charge) even though she’s actually charged…
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State Pension Gap Year Confusion
I started my State Pension in January 2020. It's at the full basic rate. £225 pw. I've just been through the tortuous process of checking that I have 12 years of gaps 2006-2018. That correlates to when I left work. I can apparently pay £824 for each of my gap years according to HMG. The HMG website doesn't tell me if…
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Withdrawing Money from SIPP Prior to Becoming a Higher Rate Taxpayer
My Situation - Age: 62- Sufficient NI to receive a full State Pension at 67 years- Annual Defined Benefit (DB) Pension: £38700, uprated by CPI (uncapped)- Various Stocks and Shares (S&S) and Cash ISAs- Untaxed Interest: £300 collected through a reduction in Tax Code- Self-Invested Personal Pension (SIPP): £60000 - I have…
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Withdrawing tax free amount from pension pot.
My wife retired recently and has a small pension pot of under £30k. The pension income that would generate is low so she has decided to leave the pot sitting and is considering withdrawing the full tax free amount. If she does this will it simply be a case that all future withdrawals will be taxed at the current base rate…
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Transferring Civil Service Alpha Pension
I recently left the Civil Service after a short period of time working for them. I was enrolled in the Alpha scheme. I received a letter from the Civil Service, advising that as I had less than 2 years of employment, I am not eliguble to draw the pension, so I now have 2 options: 1) Receive a refund of the amount I put in…
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Civil Service pension - retiring before or after a birthday
I know the pension will be reduced if you retire early but does it make much difference whether your retire before or after a birthday? The modeller asks you to input the age you plan to retire and the figures differ accordingly. But I presume in reality retiring the day before (for example) your 58th birthday versus…
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Contribution to DC Pension
Hi all. I have a company DC pension scheme with a flexible individual contribution amount. I’m currently putting 16% in and my employer puts in 12%. I have a pay increase of 4% in April so I’m increasing my contribution to 20%. I have been reading about AVCs and my question is, am I effectively already putting AVCs in my…
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Aviva: Thoughts about moving some DC pension into cash fund ???
I have another thread running along similar lines regarding Aviva. My DC pot is about 650k (I also have DB pensions but leaving them aside for this discussion). I know I will want/need a 100k cash TFLS when I retire in 2026. Is it worth moving 100k into a cash fund to protect that value? Part of me says, yes do it. Another…
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Paying a lump sum into my pension
Hi folks, I'm planning to top up my workplace pension by £50K. I'm wondering what tax relief I would get on this. Few things - I live in Scotland - the higher rate of income tax is earnings above £43K (42% above this). My salary is £42K per year. I also have other income from savings which provides about 20K in additional…
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Most tax efficient way to withdraw money from all pensions pots
When i turn 55 in 18 months i want to start to withdraw money from my private pensions and ideally want to liquidate the lot in 10 years without paying any tax (In year 11 i will start to take my state pension). Ive got 9 pensions (1 is DB, the others are all BC). DB = £108,000 DC = £26,000 DC = £2,000 DC = £82,000 DC =…
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14% salary contributions?
Hi, I work on a temporary contract each summer earning around £4k to £5k. I also have my main job where I earn more than £10k p.a. Recently, I have decided to learn more about pensions and have just found out that I paid 14% of my gross salary from my summer contract (only) to pensions in 2024 . My payslips from this…
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Can anyone with knowledge of the NHS Pension Scheme help re: imminent Ill Health Retirement?
It's regarding someone who has served in The NHS continuously for over 30 years, full time and a member of The Superannuation Scheme. Now being retired early on health grounds. as no longer able to work in any area within or outwith The NHS. Is it likely (I am out of date with information as I retired a long time ago) that…
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Adding to Pensions for non tax payers
I wonder if anyone can help me. I am a non tax payer, I have a stakeholder pension to which I pay the maximum £2880 a year to get full tax relief. I do work but only part time and I don't reach the thresholds required for the company pension fund. What I want to do is pay more into a pension but fully appreciate that I…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: How long before your state pension increase actually comes through? by molerat
12 August at 2:31PM
